Report Update: May 1, 2024

Latvia - Refined Rape, Colza Or Mustard Oil - Market Analysis, Forecast, Size, Trends And Insights

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Refined Rapeseed Oil Price in Latvia - 2023

Refined Rapeseed Oil Price in Latvia (CIF) - 2023

The average refined rapeseed oil import price stood at $1,626 per ton in September 2023, leveling off at the previous month. In general, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in November 2022 an increase of 15% against the previous month. As a result, import price reached the peak level of $1,917 per ton. From December 2022 to September 2023, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In September 2023, the country with the highest price was Italy ($4,554 per ton), while the price for Poland ($1,421 per ton) was amongst the lowest.

From September 2022 to September 2023, the most notable rate of growth in terms of prices was attained by Italy (+1.9%), while the prices for the other major suppliers experienced a decline.

Refined Rapeseed Oil Price in Latvia (FOB) - 2023

In September 2023, the average refined rapeseed oil export price amounted to $1,668 per ton, growing by 4.7% against the previous month. Overall, the export price, however, showed a slight slump. The most prominent rate of growth was recorded in August 2023 when the average export price increased by 5.9% m-o-m. The export price peaked at $1,888 per ton in January 2023; however, from February 2023 to September 2023, the export prices remained at a lower figure.

Average prices varied noticeably for the major export markets. In September 2023, the country with the highest price was Estonia ($1,801 per ton), while the average price for exports to Lithuania totaled $1,649 per ton.

From September 2022 to September 2023, the most notable rate of growth in terms of prices was recorded for supplies to Estonia (-0.3%).

Refined Rapeseed Oil Imports in Latvia

After three years of growth, overseas purchases of refined rape, colza or mustard oil decreased by -9.7% to 15K tons in 2022. The total import volume increased at an average annual rate of +2.5% over the period from 2019 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when imports increased by 9.8% against the previous year. As a result, imports attained the peak of 16K tons, and then contracted in the following year.

In value terms, refined rapeseed oil imports skyrocketed to $27M in 2022. In general, imports, however, enjoyed significant growth. The most prominent rate of growth was recorded in 2021 when imports increased by 46% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Import of Refined Rapeseed Oil in Latvia (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Estonia	9.9	11.8	12.7	14.4	13.3%
Poland	1.2	1.3	4.0	5.2	63.0%
Russia	N/A	N/A	1.5	2.0	33.3%
Lithuania	0.7	0.9	1.4	1.8	37.0%
Germany	1.0	0.4	1.8	1.2	6.3%
Netherlands	N/A	N/A	0.1	1.0	900.0%
Belgium	0.3	0.9	0.8	1.0	49.4%
Others	0.1	0.1	0.1	0.1	0.0%
Total	13.1	15.4	22.5	26.6	26.6%

Top Suppliers of Refined Rapeseed Oil to Latvia in 2022:

Estonia (8.5K tons)
Poland (2.5K tons)
Russia (1.2K tons)
Lithuania (0.9K tons)
Netherlands (0.7K tons)
Germany (0.6K tons)
Belgium (0.5K tons)

Refined Rapeseed Oil Exports in Latvia

In 2022, refined rapeseed oil exports from Latvia reduced to 1.4K tons, dropping by -1.9% compared with 2021. Over the period under review, exports recorded a pronounced decline. The pace of growth appeared the most rapid in 2021 with an increase of 9.2%.

In value terms, refined rapeseed oil exports skyrocketed to $2.8M in 2022. In general, exports, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 43%. The exports peaked in 2022 and are expected to retain growth in the near future.

Export of Refined Rapeseed Oil in Latvia (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Lithuania	1,280	1,307	1,853	2,289	21.4%
Estonia	129	47.6	69.8	479	54.9%
Others	13.5	N/A	15.9	1.3	-54.2%
Total	1,423	1,354	1,938	2,770	24.9%

Top Export Markets for Refined Rapeseed Oil from Latvia in 2022:

Lithuania (1184.7 tons)
Estonia (244.3 tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the refined rapeseed oil market in Latvia. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 10415600 - Refined rape, colza or mustard oil and their fractions (excluding chemically modified)

Country coverage:

Latvia

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Latvia
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023